• Quoine had originally reversed seven of B2C2’s trade on April 2017 after discovering an abnormality.
  • The Singapore International Commercial Court (SICC) found Quoine liable after B2C2 sued them for the reversal.

Quoine Exchange was found liable by the Singapore International Commercial Court (SICC) for reversing seven trades, worth 3.092 Bitcoins, made by crypto market maker B2C2 two years ago. According to SICC, B2C2 sold ether (ETH) at an exchange rate of 10 BTC per token on April 19, 2017.  This was approximately 250 times higher than the market rate of about 0.04 BTC to 1 ETH at the time of the trade. Quoine discovered this abnormality the next day and reversed the trade.

In August 2017, B2C2 sued Quoine, aiming to recover the 3,092 BTC from the exchange. According to B2C2, Quoine “had no contractual right unilaterally to cancel the trades once the orders had been effected.” The court sided with B2C2 in the ruling but said Quoine didn’t need to transfer back the 3,092 BTC as 1 BTC was worth around $1,300 during the time of the original trade and is presently priced at around $3,900. The court said, “Instead, the plaintiff’s [B2C2] remedy lay only in damages which, if not agreed, will be assessed at a subsequent hearing.” 

Quoine said that they were disappointed with the ruling. CEO Mike Kayamori said: "We are reviewing the judgement and considering our options, including the possibility of an appeal."
 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Bitcoin trades above $62,500 on Monday, sustains above key support as head of US SEC enforcement division says Howey test applies to cryptos. Ethereum and XRP trade above key support, extending gains by nearly 3% on the day. 

More Cryptocurrencies News

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple (XRP) noted the highest weekly gains in 2024 over the weekend as XRP holders celebrated the one-year anniversary of Judge Torres’ ruling in the SEC vs. Ripple lawsuit. XRP rallied to a peak of $0.5661 on Saturday, July 13. 

More Ripple News

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin breached above the descending trendline on Sunday and trades 3.5% up at $62,924 at the time of writing on Monday. On-chain data indicates a decrease in miners' selling activity, complemented by US spot Bitcoin ETFs recording $1.047 billion in inflows last week. 

More Bitcoin News

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price breaks above a descending channel, signaling a break in market structure from bearish to bullish. NOWPayments announces its partnership with JASMY in Japan. JASMY featured in a Forbes article for coins outperformed Bitcoin in the first half of 2024.

More Cryptocurrencies News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.

Read full analysis

BTC

ETH

XRP